Rupee slides 11 paise to 96.36 as crude climbs on geopolitical risk

Anil Kumar Bhansali, Head of Treasury and Executive Director at Finrex Treasury Advisors LLP, attributed some support for the rupee to the Reserve Bank of India's measures to attract overseas deposits. Those steps have generated "significant foreign currency inflows," he said, boosting market confidence.

Dealers are watching for the RBI's intervention through state-owned banks to smooth volatility. "The central bank appears to be allowing gradual adjustments while preventing disorderly moves," Bhansali said.

On the equity side, the Sensex fell 0.52% to 77,070.61 and the Nifty slipped 0.34% to 24,104.40. Foreign institutional investors bought equities worth ₹1,650.16 crore on Tuesday, exchange data showed.

The rupee's slide comes as crude's geopolitical premium reinforces India's import bill pressure, a dynamic the RBI has managed with periodic dollar sales and liquidity-draining swaps.